A Million XRP Moved in a Single Transaction for Almost no Fees

The bear markets are recovering, and one Cryptocurrency which has been in the limelight in these times is XRP as it took over Ethereum to become second concerning Market Capitalisation.

Since the Cryptocurrency world is quite transparent unless it’s a privacy coin, all eyes are on various transactions carried out. One such transfer caught the attention of many in the XRP community, whereby a 999,999,959 transfer has taken place from an unknown wallet to an unknown wallet. The news was tweeted by a user called Whale Alert, who is described as a ‘Live tracking of large crypto transactions from and to exchanges and tether creations. Shows alerts for: #BTC, #ETH, #XRP, #USDt, #EOS, top 100 #ERC20 tokens.’

https://twitter.com/whale_alert/status/1067513095717826560

At the time of writing, 999,999,959 is a whopping $372,999,985  as the price of one XRP is $0.373.

As seen in the XRP explorer – Bithomp the transaction fees was a mere 0.000012 XRP which amounts to only $0.00000448!

These moves cannot be understood however from what has occurred a big institution is either buying, or Ripple has converted a huge chunk of it due to a tight cash situation. The XRP community would hope it’s not Ripple selling as it can further impact the already red market.

Ripple has 55 billion XRP which is 55% of the supply in a series of escrows. Ledger mechanics controlled by the consensus enforces these releases. One billion XRP is released every month for the next 55 months. However, this has been a significant point of discussion as many people have called XRP a centralized Cryptocurrency as Ripple controls it.

Also Read:

XRP and Tron (TRX) are the Two most Popular Picks for Bakkt Listing

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.